By Kimberly Chin
MillerKnoll Inc. said losses widened in the fiscal second quarter as supply chain and labor disruptions affected sales despite strong order demand.
The home furnishings company had a loss attributable to the company of $3.4 million for the quarter ended Nov. 27, compared with a loss of $300,000 in the year-ago period. On a per-share basis, the loss was 5 cents, compared with a profit of 87 cents a year ago. Adjusted profit was 51 cents a share. A consensus of five analysts expected an adjusted profit of 56 cents a share, according to FactSet.
Net sales rose to $1.03 billion from $626.3 million a year earlier. Analysts were expecting $1.04 billion. The company said that about $50 million in net sales were affected by global supply chain and labor supply disruptions during the quarter.
MillerKnoll took a $52.4 million charge in acquisition and integration-related expenses in the quarter. Costs rose 77% from a year ago to $675.7 million while operating expenses increased 72% over the past year to $294.4 million.
The company, previously known as Herman Miller Inc., changed its name to MillerKnoll on Nov. 1 following the acquisition of Knoll Inc. that was completed in July.
Write to Kimberly Chin at [email protected]
